Politics

Liz Truss: UK’s ready to seize opportunities for future global trade

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The International Trade Secretary says the UK is well placed to increase its sales with the world’s fastest growing economies.

In a speech she will say just one in 10 firms export overseas – but it should become “the norm”.

Building trade links with eastern nations is expected to play a crucial role in levelling up the country by lowering prices and increasing wages.

Ms Truss will tell the Policy Exchange think tank: “The path to economic revival does not lie in retreating and retrenching.”

Analysis published today by the Department for International Trade found the centre of global economic gravity is moving away from Europe in favour of the Indo-Pacific.

Ms Truss said before the speech: “In order to seize the opportunities of the future, we need to grow trade with the fastest-growing parts of the world while turbocharging digital and services commerce – which is exactly what we’re doing.

“We are building a global network of next-generation trade deals that forge closer economic ties with markets in East Asia and the Asia-Pacific.”

Between 2000 and 2019, the region accounted for half of global economic growth in real terms compared with 10 percent for the EU, said the Global Trade Outlook report.

By 2030, three of the four largest economies in the world will be in the Indo-Pacific, the report forecasts, with the region set to account for 56 per cent of global GDP growth and 44 percent of global import demand growth over the next 30 years.

Trade with countries with a growing middle class population is viewed as key to boosting Britain’s growth in the coming decades.

Demand for UK digital and financial services is expected to double in the next decade. The report found the EU and North America’s share of global production is expected to fall out to 2030.

Ms Truss insists that increasing free trade with fast-growing nations will lead to higher wages, high growth and high productivity in businesses and spread wealth across the UK.

A government source said: “Liz believes more free trade and more free enterprise can help narrow the gap between London and the rest of the country by delivering lower prices and higher wages.”

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